In March 1998 FB BanCorp was organized as a general business corporation under Nevada law. FB BanCorp received its equity capital from 40 Farm Bureau State Federations and Insurance Company investors to support the formation of Farm Bureau Bank FSB.

On July 12, 1999, Farm Bureau Bank FSB received its FDIC insurance and opened its doors, paving the way for a new exciting way of banking for Farm Bureau members and their families. Deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC). As of March 2008, Farm Bureau Bank was operating with over $575 million in assets.

Farm Bureau Bank FSB is a wholly owned subsidiary of FB BanCorp and organized under federal law as a Federal Savings Bank. The Office of Thrift and Savings (OTS) is the primary federal regulator of Farm Bureau Bank, and the FDIC has back up regulatory authority. Farm Bureau Bank has the authority to exercise all powers available to Federal Savings Banks.